South Africa posts widest current account deficit since 2019›via Moneyweb

BusinessDaySouth Africa’s current account swings to R205.5bn deficit in second quarter

BusinessDaySouth Africa’s current account swings to R205.5bn deficit in second quarter




Canada is set to impose retaliatory tariffs on hundreds of U.S. products, with rates ranging from 15% to 50%, as Prime Minister Mark Carney pushes forward in an escalating trade conflict with President Donald Trump. The tariffs are scheduled to take effect at 12:01 a.m., according to multiple reports, and represent a significant escalation in what was once one of the world's closest bilateral relationships. "With an insulted and angry nation solidly behind him, Prime Minister Mark Carney of Canada is charging ahead in a bitter trade war with the United States, risking a further fraying of what once was what once was one of the world's closest friendships." Polls show that Canadians strongly back Carney's decision to end trade talks with Washington last month, according to the Sun Sentinel. The prime minister's gamble is that standing firm against Trump will ultimately strengthen Ottawa's negotiating position, the East Bay Times reported. Barring a last-minute reprieve, Carney's government will increase the import tax on many U.S. steel items to 50% from 25%, the Press Democrat reported. The tariffs will also apply to a range of consumer goods including motorcycles, cosmetics, and cheese, according to the South China Morning Post. In total, the measures target about $20 billion in U.S. products entering Canada, the Sun Sentinel noted. The move risks a wider trade war, as Trump has threatened to escalate his own tariffs in response, the East Bay Times reported. Policy Magazine noted that the conflict is entering a new phase, with analysts urging Canada to look beyond tariffs and consider broader economic strategies. The situation remains fluid, with the possibility of a last-minute resolution still on the table, though none appears imminent.



Americans are cutting back on spending amid economic concerns.
The downturn was well below analysts' expectations.













